The Iowa Revolving Credit Loan and Security Agreement between Dixon Ticonderoga Co. and Dixon Ticonderoga, Inc. is a legally binding contract that outlines the terms and conditions of a revolving credit loan facility and related security arrangements between the two entities. This agreement serves as a financial tool allowing Dixon Ticonderoga, Inc. to access funds for various business purposes while providing Dixon Ticonderoga Co. with security interests in the assets of Dixon Ticonderoga, Inc. as collateral. The primary objective of the Iowa Revolving Credit Loan and Security Agreement is to establish a flexible line of credit for Dixon Ticonderoga, Inc., enabling them to borrow funds up to a predetermined limit. This credit facility is revolving, meaning that as the borrower repays the borrowed funds, they become available to be drawn again, providing ongoing access to working capital. This arrangement allows Dixon Ticonderoga, Inc. the ability to manage fluctuations in its cash flows and address its short-term financial requirements. Within the agreement, there may be various types or provisions that cater to the specific needs of Dixon Ticonderoga, Inc. and Dixon Ticonderoga Co. These may include: 1. Revolving Credit Limit: This defines the maximum amount of funds that Dixon Ticonderoga, Inc. can borrow at any given time. 2. Interest Rate: Specifies the rate at which the borrowed funds will accrue interest, usually calculated based on a percentage above a specified benchmark rate, such as the prime rate. 3. Repayment Terms: Outlines the repayment schedule, including the frequency and amount of installments that Dixon Ticonderoga, Inc. must make towards the outstanding balance. 4. Default and Remedies: Details the actions that can be taken by Dixon Ticonderoga Co. in case Dixon Ticonderoga, Inc. fails to comply with the terms of the agreement, including the right to accelerate the loan or exercise other remedies. 5. Collateral: Identifies the assets offered by Dixon Ticonderoga, Inc. as security for the loan. This typically includes the company's tangible assets, such as inventory, accounts receivable, equipment, and potentially real estate. 6. Financial Covenants: Specifies certain financial requirements that Dixon Ticonderoga, Inc. must meet during the term of the agreement, such as maintaining a minimum level of profitability or a certain debt-to-equity ratio. These covenants help ensure the borrower's financial stability and ability to repay the loan. 7. Termination: Outlines the circumstances under which the agreement can be terminated, either by mutual agreement or due to a default by either party. It is important for both Dixon Ticonderoga Co. and Dixon Ticonderoga, Inc. to carefully review and understand the terms and conditions specified in the Iowa Revolving Credit Loan and Security Agreement before signing, as it will govern their financial relationship and obligations. Consulting legal and financial professionals to draft, review, and negotiate the terms of the agreement is highly recommended ensuring that the interests of both parties are adequately protected.
Iowa Revolving Credit Loan and Security Agreement between Dixon Ticonderoga Co. and Dixon Ticonderoga, Inc.
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